As the global pandemic of COVID-19 quickly spreads, it is impacting everyone around the globe. The government of Mauritius has followed the global trend and decided to proceed with the lock down of the country. As the situation continues to develop at an increased pace, we wanted to reach out and update you on how we’re supporting our employees and you — our customers and partners - in these difficult times.

• U.S. stocks rose on Friday, but the major indices notched a fourth consecutive week of losses, except the Nasdaq which registered first weekly gains since August;
• Investors are worried about the economic outlook in the absence of renewed aid from Washington, the November presidential election, and rising COVID-19 infections in the U.S. and Europe;
• In economic data, U.S. orders of durable goods rose 0.4% in August, the fourth straight gain but a more modest increase after three straight strong gains;
• In stocks, shares of Novavax jumped on Friday following news of final-stage study of its experimental COVID-19 vaccine while Nike soared on Wednesday following an impressive fiscal 2021 first-quarter results;
• European stocks recorded their worst weekly decline since mid-June following concerns of new Covid-19 restrictions in Europe and worrying economic data from both sides of the Atlantic;
• Asian markets finished mixed, with gains in Japan and declines in China and Hong Kong;
• In commodities, both oil & gold dropped for the week, with Brent Crude losing 2.9% this week;
• In currencies, USD gained ground on Friday and measured its biggest weekly gain since early April.

Next week

• The market will be kicking September - a historically tough month for markets – goodbye, but October seems to be no better;
• Several earnings reports including from Pepsico, Constellation Brands, and Micron Technology;
• South African borders open for International Flights (1st October);
• Watch out for our Monday Weekly Market Outlook that provides insights on what’s coming up that week.